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8 Reasons You Might Want to Refinance Your Home

When should a home owner consider refinancing options? View some of the top 8 reasons below:

Save money – you may be able to lock in a better fixed interest rate! By refinancing at a lower interest rate, you will be able to pay back your loan quicker and reduce your monthly payment which could help you save money now and later.

Peace of mind – for adjustable rate mortgages, you may be able to lock in a fixed-rate mortgage. Consider refinancing to remove the uncertainty of what your monthly interest rate will be and help protect yourself if rates go up in the future.

Simplify your payments – consolidate your mortgage and your home equity loan (or second mortgage). If you have a home equity loan or a second mortgage, this might be a good time to think about combining both loans by re­financing to streamline your payments each month.

Reduce your debt – you can shorten the term on your mortgage to pay it off faster. Paying your loan back quicker results in you paying less interest and depending on your rate, you may be able to keep your monthly payment the same while reducing the length of your loan!

Lowering your monthly payment – you can make your mortgage payment more manageable by lengthening the term of your loan. By spreading your mortgage over a longer period of time you can reduce your monthly payment. You have options to reset your mort­gage to a 30 year or 20 year term.

Transfer ownership of the property – to remove or “buy-out” an individual listed on the mortgage. There may come a time when you may need to change the individuals on your mortgage, for example divorce. Refinancing is a practical alternative when multiple parties are involved and want to transfer ownership without doing a purchase/selling transaction.

Pay off high interest debt – including high rate credit card balances, car loans and personal debt. Refinancing can allow you to roll-up other debts within your mortgage so that you can pay them off with a lower interest mortgage.

Get the money you need – when you need it. You can get money from a refinance to pay for home remodeling, a new vehicle, college education, hospital bills or a down payment on a vacation home. This option allows you to tap into the equity built up in your home.

​If you would like to look into refinancing your home for any of the reasons above or for any other reason, contact one of our Mortgage Specialists today. We are here to help you with all your financing needs! Call us today at 708-364-2525 or email us at mortgagecenter@emarquettebank.com. 

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